A.) What is human capital, and how is it different from strictly the quantity of workers...
A.) What is human capital, and how is it different from strictly the quantity of workers available for work?
B.) Name three ways to increase a nation’s human capital.
C.) Is an increase in the size of the labor force also an increase in the human capital? Explain your answer.
Homework Answers
a. Human capital is an economy's worker's amount, knowledge and
skills.
This varies solely from the number of available employees because
human capital often includes workers ' knowledge and skills.
b. By increasing the number of workers, educating the existing labor force or both, human capital can be increased.
c. An increase in labor force size would be an increase in human capital as the number of available workers has been expanded and can now produce more.
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A.) What is human capital, and how is it different from strictly
the quantity of workers...
Problem set #3 1) What is human capital, and how is it different from strictly the...
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Consider the endogenous growth model, where the future period quantity of human capital is a function...
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Consider the endogenous growth model, where the future period quantity of human capital is a function of current human capital, which drives production and thus growth. In the competitive equilibrium, C = Y and human capital accumulation is characterized as follows: | H' = -(1- tu)H, where H' represents the future quantity of human capital, H represents the current quantity of human capital, b captures the efficiency of human capital accumulation and (1 - u) denotes the fraction of time...
4. How many ways can you choose three toppings from 10 different toppings available at a Pizza delivery store? Also if you are ranking the three toppings chosen out of 10 toppings, how many different ways are possible? 5. If 40 % of all commuters ride to work in carpools, find the probability that exactly 4 will ride in carpools out of 10 workers? Also find the probability that nobody will ride in carpools out of 10 workers? 6. If...
2. Suppose a circuit manufacturer can use regular (human) workers or robots to produce its output. The quantity of workers is L and the quantity of robots is R. The production function is q = 50L - L2 + 100R - R2. The firm is a small firm in the input market for workers and robots, and a small firm in the market for circuits. The price per unit of labor is w. The price per robot is r. The...
6. Explain how human capital theory and signaling theory would answer each of the questions below. You should provide 2 distinct answers for each question. a) What happens to aggregate productivity in a country if more people go to college? (4 points) b) Will employers be willing to pay more for college educated workers vs non-educated workers? (4 points)
6. Explain how human capital theory and signaling theory would answer each of the questions below. You should provide 2 distinct...
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